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Memphis Pharmaceutical eyes EGP 7m profits in 2017/18

Memphis Pharmaceutical eyes EGP 7m profits in 2017/18
Memphis set the investment budget at EGP 13 million (Photo credit: Arabianeye - Reuters)
Memphis Pharmaceutical
MPCI
1.03% 100.92 1.03

Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries said Thursday that it targets profits worth EGP 7 million for fiscal year 2017/2018, 75% up from an estimated profit of EGP 4 million for FY16/17.

The company’s plans to achieve revenues worth EGP 407 million in the next fiscal year, versus an estimated revenue of EGP 354 million for the current fiscal year, according to a bourse filing.

Memphis set the investment budget at EGP 13 million for FY17/18.

In the first eight months of FY16/17, profits increased 448% to EGP 3.3 million from EGP 602,000 for the same period of the previous year.

The stock stood at EGP 9.58 in Thursday’s early trading.